The Nigerian National Petroleum Company Limited (NNPC) on Wednesday presented a projected N3 trillion subsidy cost for 2022 financial year to the Federal Executive Council (FEC) for approval following the Federal Government’s decision to sustain fuel subsidy payment for the next 18 months. At the FEC meeting presided over by President Muhammadu Buhari, the […]
Minister of State for Petroleum Resources, Timipre Sylva, on Tuesday clarified that the Federal Government would extend the fuel subsidy regime to July 2023, pending when amendments in the Petroleum Industry Act will be forwarded to the National Assembly and subsequently signed by the President The minister gave this hint while interacting with State House […]
To address the current challenges constraining optimal output from Africa’s oil-producing countries and ensure sustainable growth of the hydrocarbon resources industry, an industry expert, Mr. Kola Karim, has charged banks in the continent to commit more funds to critical value chains in the sector. Karim, who gave the charge during an interview with African Energy […]
Nigeria’s House of Representatives on Tuesday approved the sum of N17.127 trillion budget for 2022 fiscal year. The passage of the budget followed the consideration and adoption of clauses in the Bill’s report presented by the Chairman of the House Appropriation Committee, Hon. Muktar Betara. The figures represented about N736 billion more than the N16.391 […]
The Centre for the Study of the Economies of Africa (CSEA), a think tank research firm focusing on activities in Africa’s economies, has urged the Federal Government to strengthen security in the oil producing areas as a step towards improving productivity and halting the dwindling revenues from the nation’s hydrocarbon resources industry. The think tank […]
The Nigerian National Petroleum Company (NNPC) Limited has reported that total payments on fuel subsidy in the 10-month period from January through October this year totalled N1.03 trillion. This is even as it stated that it would deduct N199 billion being October 2021 under-recovery from its November 2021 remittance to the Federation Account. The oil […]
The Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Mr. Muda Yusuf, has given his support to the planned removal of fuel subsidy by the Federal Government from February 2022, saying the move is necessary for the nation’s economy to grow. The Minister of Finance, Budget and National Planning, Zainab Ahmed, had […]
The Federal Government on Tuesday said that arrangements were ongoing to ensure that fuel subsidy, which has been one of the challenges of public finance efficiency in Nigeria over the years is removed with a view to committing savings on it to critical areas that will improve the socio-economic wellbeing of ordinary Nigerians, especially the […]
Nigeria’s Gross Domestic Product (GDP) grew by 4.03% (year-on-year) in real terms in the third quarter of 2021, showing a sustained positive growth over the last four quarters since the 2020 recession. Giving this hint at a media briefing on the 3rd Quarter GDP Report in Abuja on Thursday, the Statistician General of the Federation […]
The Nigeria National Petroleum Corporation (NNPC) Limited has advised fuel consumers nationwide not to engage in panic buying of Premium Motor Spirit (PMS), saying it has over 1.7 billion litres of the product in stock. The corporation’s Group General Manager, Group Public Affairs Division, Malam Garba Deen Muhammad, in a statement confirmed that apart from […]